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What's happening in CHC?

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What's happening in CHC?

Old 31st Aug 2016, 22:12
  #701 (permalink)  
 
Join Date: Apr 2003
Location: USA
Posts: 107
I thought it quite sad that they were saddled with such crippling debt for so long
And who do they have to blame for that?

I suppose the managers responsible for making such dumb decisions have no accountability at all.
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Old 1st Sep 2016, 10:40
  #702 (permalink)  
 
Join Date: Jun 2015
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Originally Posted by havick View Post
And who do they have to blame for that?
How long have you been in aviation? It's ALWAYS the pilot's fault!
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Old 7th Sep 2016, 14:07
  #703 (permalink)  
 
Join Date: May 2016
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I see that Avnet has removed the "interim status" for former CHC CEO Bill Amelio.....He now is the permanent CEO of Avnet.

They all protect their own.
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Old 20th Sep 2016, 01:06
  #704 (permalink)  
 
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Shouldn't the hummingbird be out of Chapter 11 by now? (If things were going well. . . )
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Old 20th Sep 2016, 07:13
  #705 (permalink)  
 
Join Date: Jun 2005
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October/ November likely exit but must be by January or Ch 7.
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Old 23rd Sep 2016, 21:38
  #706 (permalink)  
 
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Does anyone know if there will be a CHC Summit next year, or ever?
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Old 24th Sep 2016, 15:37
  #707 (permalink)  
 
Join Date: Dec 2006
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The dates are April 3-5, 2017
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Old 25th Sep 2016, 09:48
  #708 (permalink)  
 
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http://www.chcsafetyqualitysummit.com/

I think there is a difference between 'marking your calendar' and the event actually going ahead, but let's see!
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Old 2nd Oct 2016, 14:34
  #709 (permalink)  
 
Join Date: May 2000
Location: uk
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Looks like there were some BIG write downs in the August SEC filing:

May - Net Loss $63 mil
Jun - Net Loss $35 mil
Jul - Net Loss $102 mil
Aug - Net Loss $659 mil
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Old 12th Oct 2016, 15:07
  #710 (permalink)  
 
Join Date: Oct 1999
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I hear they've been bought.....
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Old 12th Oct 2016, 15:34
  #711 (permalink)  
 
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Bailed out by one of their major lessors (Milestone):

CHC Group announces $450 million in commitments to recapitalize the company

I/C
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Old 12th Oct 2016, 16:49
  #712 (permalink)  
 
Join Date: May 2000
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Wow how did they manage that!!!!

I'm just off to Hertz to return a rental car, in crap condition, having bounced the cheque I gave them for rental and then I'm going to ask them to give me some money.

Let's see if Milestone can fare any better than First Reserve or CD&R.
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Old 12th Oct 2016, 17:25
  #713 (permalink)  
 
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Fessenden is a former GE manager.
Milestone is part of GE empire.
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Old 13th Oct 2016, 00:05
  #714 (permalink)  
 
Join Date: Sep 2013
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Originally Posted by Max Contingency View Post
Wow how did they manage that!!!!

I'm just off to Hertz to return a rental car, in crap condition, having bounced the cheque I gave them for rental and then I'm going to ask them to give me some money.

Let's see if Milestone can fare any better than First Reserve or CD&R.
Returned in a crap condition were they and how would you know that ??
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Old 13th Oct 2016, 03:37
  #715 (permalink)  
 
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I'm just guessing....but I think the 'crap condition' is a metaphor for the state of CHC....rather than the helicopters.
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Old 13th Oct 2016, 03:45
  #716 (permalink)  
 
Join Date: Apr 2005
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I'm not sure either, but it might be a reference to returning helicopters not in the condition specified on the lease.

I'm led to believe some leases require certain checks and component times on the machines upon return.

I'm not sure if a ch 11 company has to abide by these conditions.
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Old 13th Oct 2016, 08:10
  #717 (permalink)  
 
Join Date: Jun 2005
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The terms of CHC's Ch 11 allowed for the immediate return of ac as the court agreed and leases are cancelled. The terms of return do not have to be fulfilled. CHC has kept the ac airworthy, nothing further.

With the new money in place and CHC due to exit Ch 11 early in the new year, I think attention should now begin to focus on other companies who are also in a crap state. CHC are looking pretty good right now vs their peers. Less debt, no idle ac, re-drawn balance sheet, strong investor base and a sensible and credible management team.
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Old 13th Oct 2016, 08:15
  #718 (permalink)  
 
Join Date: May 2000
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No offence meant by the "crap condition" remark. Just trying to highlight the huge amount of work required to turn an aircraft on the line into one that is acceptable to return to a lessor without financial penalty and the fact that CHC were allowed by the court to hand theirs back 'as is' without penalty.
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Old 13th Oct 2016, 10:03
  #719 (permalink)  
 
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Originally Posted by nowherespecial View Post
The terms of CHC's Ch 11 allowed for the immediate return of ac as the court agreed and leases are cancelled. The terms of return do not have to be fulfilled. CHC has kept the ac airworthy, nothing further.

With the new money in place and CHC due to exit Ch 11 early in the new year, I think attention should now begin to focus on other companies who are also in a crap state. CHC are looking pretty good right now vs their peers. Less debt, no idle ac, re-drawn balance sheet, strong investor base and a sensible and credible management team.
How long do you give them until they f*ck it up again?
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Old 13th Oct 2016, 10:29
  #720 (permalink)  
 
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Havick:
Don't be so negative, sounds like a positive new start to me.


Will come out of Bankruptcy protection with 1.2 billion in debt wiped out, 450 million in new cash, only helicopters on the books are the ones on contracts.
Plus a leasing company as one of the owners offering much better lease rates then the others.
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